Econovation reduces BE stake to 4.7% after $110M and $276M Rule 144 sales

Rhea-AI Filing Summary

SK ecoplant and affiliates report changes in their Bloom Energy (BE) holdings. SK, through Econovation, now shares voting and dispositive power over 10,883,701 Class A shares, representing 4.7% of outstanding Class A stock based on 233,997,970 shares outstanding. The filing discloses two Rule 144 block sales: Econovation sold 2,608,000 shares at $42.28 per share for gross proceeds of $110,266,240, and SK previously sold 10,000,000 shares at $27.60 per share for gross proceeds of $276,000,000. The filing clarifies group relationships and lists related agreements filed as exhibits.

Positive

• Raised substantial capital: Combined gross proceeds of $386,266,240 from disclosed Rule 144 block sales
• Increased public float: Large block sales reduce affiliated concentration and may improve liquidity in the market
• Clear disclosure of group and voting arrangements: Filing clarifies that the SPC lacks voting/dispositive power over the Econovation shares

Negative

• Reduced affiliated stake: Beneficial ownership by SK/Econovation stands at 4.7%, down after material share disposals
• Concentrated sales in short period: Two large Rule 144 block sales could be viewed negatively by some investors as significant insider selling

Insights

Securities Analyst

TL;DR: Significant insider block sales materially reduced an affiliated owner’s stake; proceeds were large and disclosed.

SK ecoplant and its managed entity Econovation executed sizeable Rule 144 block sales, generating over $386 million in aggregate gross proceeds from the two disclosed transactions. The remaining combined beneficial ownership is reported as 10,883,701 shares (4.7%). For investors, the sales materially reduce the affiliated ownership concentration and increase public float, which may affect share liquidity and potential influence but does not, by itself, indicate a change in contractual relationships referenced in the exhibits.

Corporate Governance Expert

TL;DR: Ownership and voting arrangements clarified; group member lacks voting power over the sold shares.

The amendment explains that Blooming Green Energy Limited is deemed part of a group but currently lacks voting or dispositive power over Econovation-held shares because SK is the managing member. The filing reinforces governance clarity by restating related agreements as exhibits. Material disclosures focus on share dispositions rather than changes to governance agreements themselves.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Bloom Energy Corp

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

093712107

(CUSIP Number)

Joonsik Chai
SK ecoplant Co., Ltd. 19 Yulgok-ro 2-gil, Jongno-gu
Seoul, M5, 03149
82-2-3700-9201

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/14/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 093712107

1

Name of reporting person

SK ecoplant Co., Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

BK, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,883,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,883,701.00

11

Aggregate amount beneficially owned by each reporting person

10,883,701.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 093712107

1

Name of reporting person

Econovation, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,883,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,883,701.00

11

Aggregate amount beneficially owned by each reporting person

10,883,701.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 093712107

1

Name of reporting person

Blooming Green Energy Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock
(b)	Name of Issuer: Bloom Energy Corp
(c)	Address of Issuer's Principal Executive Offices: 4353 North First Street, San Jose, CALIFORNIA , 95134.
Item 1 Comment: This Amendment No. 7 (this "Amendment") amends the Schedule 13D filed on October 4, 2022, as amended by Amendment No. 1, filed on December 12, 2022, Amendment No. 2, filed on March 14, 2023, Amendment No. 3, filed on March 24, 2023, Amendment No. 4, filed on April 19, 2023, Amendment No. 5, filed on September 23, 2023, and Amendment No. 6, filed on July 10, 2025 and is made pursuant to Rule 13d-1(a) of the Act. SK ecoplant Co., Ltd.'s ("SK") beneficial ownership of the Class A Common Stock of Bloom Energy Corporation (the "Issuer") consists of 10,883,701 shares of Class A Common Stock held by Econovation, LLC ("Econovation"), of which SK is the managing member. SK and Econovation share voting power over the 10,883,701 shares of the Issuer's Class A Common Stock as a result of SK being the managing member of Econovation. Blooming Green Energy Limited (the "SPC") is deemed a member of a group with SK and Econovation with respect to the 10,883,701 shares of the Issuer's Class A Common Stock held by Econovation; however, because SK is currently the managing member of Econovation, the SPC is not deemed to have voting or dispositive power over the 10,883,701 shares of the Issuer's Class A Common Stock and is therefore not a beneficial owner of such shares. This Amendment discloses the sale by Econovation of 2,608,000 shares of the Class A Common Stock of the Issuer as further described in Item 5(c).
Item 2.	Identity and Background
(a)	Item 2 of Schedule 13D is hereby amended and supplemented by the information set forth on Schedule I hereto.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of Schedule 13D is hereby amended and supplemented by the information set forth below: (a)-(b) The aggregate number and percentage of the Class A Common Stock beneficially owned by SK and the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are hereby incorporated herein by reference. Calculations of the percentage of the shares of Class A Common Stock beneficially owned are based on 233,997,970 shares of Class A Common Stock of Issuer outstanding as of July 28, 2025 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025. The aggregate number and percentage of the Class A Common Stock beneficially owned by Econovation and the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are hereby incorporated herein by reference. Calculations of the percentage of the shares of Class A Common Stock beneficially owned are based on 233,997,970 shares of Class A Common Stock of Issuer outstanding as of July 28, 2025 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025.
(b)	See (a) above.
(c)	On July 10, 2025, SK sold 10,000,000 shares of the Class A Common Stock of the Issuer in a Rule 144 block sale at a price per share of $27.60, for aggregate gross proceeds of $276,000,000.00. On August 14, 2025, Econovation sold 2,608,000 shares of the Class A Common Stock of the Issuer in a Rule 144 block sale at a price per share of $42.28, for aggregate gross proceeds of $110,266,240.00. Except as set forth in this Schedule 13D/A, neither SK, Econovation, nor the SPC has effected any other transactions in the Class A Common Stock of the Issuer in the past 60 days.
(d)	Except as described in this Schedule 13D/A, no other person is known by SK, Econovation, or the SPC to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Class A Common Stock of the Issuer beneficially owned by SK or Econovation.
Item 7.	Material to be Filed as Exhibits.
	A Securities Purchase Agreement, dated October 23, 2021, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). B Side Letter, dated August 16, 2022, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). C Amendment to Side Letter, dated December 6, 2022, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). D Early Close Agreement, dated February 27, 2023, by and among Bloom Energy Corporation, SK ecoplant Co., Ltd. and Econovation, LLC (incorporated by reference, filed with the SEC with Amendment No. 2 on March 14, 2023). E Securities Purchase Agreement, dated March 9, 2023, by and among Econovation, LLC, SK ecoplant Co., Ltd., Blooming Green Energy Limited and ESG Blooming Private Equity Fund (incorporated by reference, filed with the SEC with Amendment No. 2 on March 14, 2023). F Amendments to Securities Purchase Agreement and Investor Agreement, dated March 20, 2023, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). G Certificate of Designation of Series B Redeemable Convertible Preferred Stock, dated March 20, 2023, by Bloom Energy Corporation (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). H Contribution Agreement, dated March 23, 2023, by and between SK ecoplant Co., Ltd. and Econovation, LLC (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). I Amended and Restated Securities Purchase Agreement, dated March 24, 2023, by and among Econovation, LLC, SK ecoplant Co., Ltd., Blooming Green Energy Limited and ESG Blooming Private Equity Fund (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). J Amended and Restated Limited Liability Company Agreement, dated March 24, 2023, by and between SK ecoplant Co., Ltd. and Blooming Green Energy Limited (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). K Members Agreement, dated March 24, 2023, by and among SK ecoplant Co., Ltd., Blooming Green Energy Limited and Econovation, LLC (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). L Shareholder's Loan Agreement, dated March 20, 2023, by and between SK ecoplant Co., Ltd. and Bloom Energy Corporation (incorporated by reference, filed with the SEC with Amendment No. 3 on March 24, 2023). M Certificate of Amendment to the Certificate of Designation of Series B Redeemable Convertible Preferred Stock, dated April 18, 2023, by Bloom Energy Corporation (incorporated by reference, filed with the SEC with Amendment No. 4 on April 19, 2023). N Amendment No. 1 to the Amended and Restated Securities Purchase Agreement, dated April 14, 2023, by and among Econovation, LLC, SK ecoplant Co., Ltd., Blooming Green Energy Limited and ESG Blooming Private Equity Fund (incorporated by reference, filed with the SEC with Amendment No. 4 on April 19, 2023). O Investor Agreement, dated December 29, 2021, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). P Joint Venture Agreement, dated September 24, 2019, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). Q Amendment to the Joint Venture Agreement, dated October 23, 2021, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). R Amended and Restated Preferred Distributor Agreement, dated October 23, 2021, by and between Bloom Energy Corporation, Bloom SK Fuel Cell, LLC and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). S Commercial Collaboration Agreement, dated October 23, 2021, by and between Bloom Energy Corporation and SK ecoplant Co., Ltd. (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). T K-Sure Overseas Investment Insurance (Investment Financing) Facility, dated December 12, 2021, by and between SK ecoplant Co., Ltd., as Borrower, and BNP Paribas, as Lender, Mandated Lead Arranger and Bookrunner (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). U The Overseas Investment Insurance (Investment Financing) Policy, dated December 21, 2021, by and among BNP Paribas Facility, SK, BNP Paribas and the Korea Trade Insurance Corporation (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). V Loan (Credit) Transaction Agreement, dated November 2021, by and between SK and The ExportImport Bank of Korea (incorporated by reference, filed with the SEC with Amendment No. 1 on December 12, 2022). W Joint Filing Agreement, dated March 10, 2023, by and among SK ecoplant Co., Ltd., Econovation, LLC and Blooming Green Energy Limited (incorporated by reference, filed with the SEC with Amendment No. 2 on March 14, 2023).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SK ecoplant Co., Ltd.

Signature:	/s/ Joonsik Chai
Name/Title:	Joonsik Chai, Chief Financial Officer
Date:	08/18/2025

Econovation, LLC

Signature:	/s/ Jucheol Kim
Name/Title:	Jucheol Kim, Director
Date:	08/18/2025

Blooming Green Energy Limited

Signature:	/s/ Jucheol Kim
Name/Title:	Jucheol Kim, Director
Date:	08/18/2025

FAQ

How many Bloom Energy (BE) shares do SK ecoplant and Econovation beneficially own after this amendment?

They report beneficial ownership of 10,883,701 Class A shares, representing 4.7% of outstanding Class A stock based on 233,997,970 shares outstanding.

What block sales are disclosed in this Schedule 13D/A for BE?

The filing discloses a 10,000,000-share Rule 144 block sale at $27.60 per share (gross proceeds $276,000,000) and a 2,608,000-share Rule 144 block sale at $42.28 per share (gross proceeds $110,266,240).

Does Blooming Green Energy Limited have voting power over the shares held by Econovation?

No. The filing states the SPC is deemed part of the group but currently does not have voting or dispositive power over the 10,883,701 shares held by Econovation.

On what share count is the 4.7% ownership percentage calculated?

The percentage is calculated using 233,997,970 shares of Class A Common Stock outstanding, as reported by the issuer for the quarter ended June 30, 2025.

Were there any other transactions in the past 60 days reported in this filing?

Except for the two disclosed Rule 144 block sales, the filing states no other transactions in the Class A Common Stock were effected by SK, Econovation, or the SPC in the past 60 days.